LRB-4164/1
KSH:skg:jlb
1995 - 1996 LEGISLATURE
August 2, 1995 - Introduced by Senators Weeden, Ellis and Rude, by request of
Governor Tommy G. Thompson. Referred to Committee on Education and
Financial Institutions.
SB278,1,2
1An Act to create 214.035 (3) of the statutes;
relating to: authorized names for
2federal institutions that convert to state savings banks.
Analysis by the Legislative Reference Bureau
Under current law, a federally chartered financial institution that elects to
convert its corporate structure into a state-chartered savings bank is required to
adopt a name that includes the word "savings". Under this bill, such a converted
institution is not required to use the word "savings" in its name if its name did not
include the term "savings" on the effective date of the act that authorized savings
banks in this state and the name is approved by the commissioner of savings and loan
as appropriate to identify the converted institution as a savings bank.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
SB278, s. 1
3Section
1. 214.035 (3) of the statutes is created to read:
SB278,1,84
214.035
(3) Notwithstanding sub. (1), a federally chartered financial
5institution that converts to a savings bank may use a name that does not include the
6term "savings" in its name if the financial institution did not use the term "savings"
7in its name on May 7, 1992, and its name is approved by the commissioner as
8appropriate to identify the converted institution as a savings bank.
